The Financial Services Agency called on all 86 insurance firms in the nation Friday to check their sales material on savings-type insurance products after it discovered some firms had not been clearly explaining their policies.
If the FSA has strong suspicions that one or more companies are doing something illegal, it has the power, under the Insurance Business Law, to order all firms to investigate whether they have done the same.
In the case of the sales material, however, the 48 nonlife insurance companies and 38 life insurers were only asked to submit results of their internal investigations to the financial watchdog in one month.